NEW YORK TransCanada
Corp. expects its Keystone XL pipeline to be in operation by
late 2014 or early 2015 "subject to regulatory approvals,"
according to the companys most recent earnings
The Calgary, Alberta-based
company has so far invested $1.8 billion in the project, which
recently received approval for its route through Nebraska (
amm.com, Jan. 22). The total cost of the 36-inch,
830,000 barrel-per-day linedesigned to transport oil from
Calgary to Texas Gulf Coastis expected to reach
The Obama administration denied
the initial permit for the project last year on environmental
amm.com, Jan. 18, 2012), and TransCanada reapplied
in May using a different route.
TransCanada posted 2012 net
income of nearly Canadian $1.3 billion ($1.29 billion), down
14.9 percent from C$1.53 billion in 2011 despite a 2.1-percent
increase in revenue to C$8.01 billion ($7.99 billion) from
fourth-quarter net income sank 18.6 percent to C$306 million
($305.25 million) from C$376 million in the same period a year
earlier despite revenue increasing 3.7 percent to C$2.09
billion ($2.08 billion) from C$2.02 billion.
Lower contributions from natural gas pipelines caused part
of the earnings drop, the company said.